Parsing the data, the trend toward a jobless recovery remains apparent. Business continue to invest in things like technology, which increases productivity, which allows business to produce more with fewer workers. Consumers are less robust spenders as a result.
Don’t get too hung up on this figure as it will be revised radically next month as more data becomes available.
The US is a consumer-led economy so the market would prefer to see a stronger consumer with less focus on the business side of the equation.
US equities continue to weaken, down 1% in futures trade. Yields are soft too, undercutting the dollar.
EUR/USD has recovered to the low 1.3050s.
